Op-Ed: Prioritizing a Sovereign Wealth Fund – Preparing for prosperity now

By United States Ambassador

Perry L. Holloway

As Guyana welcomed hundreds of delegates to attend its most recent oil and gas conference in February, the world saw a nation poised to be transformed.  I am heartened to see that Guyana has now stepped fully into the limelight as one of the most important developing energy markets in the world.  For the first time in its history, the Land of Many Waters is closer to seeing its potential realized.  To echo the words of Minister of Natural Resources Raphael Trotman:  Guyana’s time is now.

In spite of the often exaggerated gloom and doom pronouncements in the papers, Guyana is poised to be a very rich country for this region with considerable revenue streams in the future.  The development model Guyana now chooses will need to be a decision the people of Guyana make together through a process of public consultations and legislative debate.  I want to emphasize that, as Guyana considers its future, it will not be enough simply to have a “rainy day fund” or even an investment fund, but to institute a revenue and investment framework that protects and effectively leverages wealth to transform the nation.  As the development of a long-term vision for a green, sustainable economy continues, I hope conversations will continue to prioritize implementation of a strong comprehensive sovereign wealth fund bill, in the broadest sense, that is transparent, independent, inviolable, and non-partisan. ….


Guyana for higher profit share from increased production under Tullow/Eco oil pact

Under the agreement the APNU+AFC government signed with Tullow Guyana B.V. and Eco (Atlantic) Oil and Gas Incorporated, Guyana will receive a 1% royalty and a greater share of profits with increased production.

Former gov’t’s award of 600 blocks to Esso was strategic decision – sources

When the late president Janet Jagan’s government awarded 600 offshore blocks to Esso Exploration and Production Guyana Limited (EEPGL) in 1999, a key factor was the then government’s interest in attracting big name American investors who would help fend off Venezuela’s decades-old claim to the Essequibo region, sources say.

DDL willing to negotiate purchase of Enmore Estate

Saying that Demerara Distillers Limited (DDL) is willing to negotiate the purchase of the Enmore Estate, Minister of Public Security Khemraj Ramjattan yesterday told a meeting at Adelphi Village, East Canje Berbice that government will ensure that each estate that is being divested is sold for the best price.

Former city mayor Compton Young dies

Former Georgetown Mayor and popular florist Compton Young died in hospital last Thursday and he is being remembered for his generosity and his dedicated efforts to ensuring that the city was kept clean.

Victoria Road fire victims seek return to normalcy

Over a dozen of the residents displaced by the Mashramani Day fire at Victoria Road, Plaisance, East Coast of Demerara, are seeking the government’s assistance to return to their normal lives.

By ,


Not Ready to Subscribe ?

You can still join over other 15,000 subscribers and receive FREE breaking news alerts as they happen and the morning brief featuring top stories of the day. 

Your browser is out-of-date!

Update your browser to view this website correctly.

We built stabroeknews.com using new technology. This makes our website faster, more feature rich and easier to use for 95% of our readers.
Unfortunately, your browser does not support some of these technologies. Click the button below and choose a modern browser to receive our intended user experience.

Update my browser now